Why São Paulo Wants to Pay for Infrastructure with Cryptocurrency

The Brazilian state of São Paulo is looking to cryptocurrency to help solve its infrastructure problems.

The state, home to 45 million residents and the city of São Paulo – the largest metropolis in the southern hemisphere and the third-largest in the world – plans to use a token called buildcoin to pay engineers across the globe for feasibility studies. These studies are required to assess the practicality and justify the expense of large construction projects.

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Popular secure messaging app Telegram looks set to enter the cryptocurrency space, with plans underway for a major ICO.

The company is planning to raise $1.2bn in total, first with a $600m pre-sale restricted to venture capital backers and close investors, according to TechCrunch. This will be running from January to February on an invitation-only basis. Following the private pre-sale, Telegram is said to be planning a public sale in March, which will allow retail investors to enter. This sale aims to raise a further $600m.